Roy Gilbert

President Biden plans to boost his ‘Buy American’ law for federal agencies, from 55% US-made goods to 75%

www.businessinsider.com

President Joe Biden. Anna Moneymaker/Getty Images President Biden is expanding rules for federal agencies to buy US-made products.

Biden plans an immediate rise from 55% to 60% for US-made products in federal government contracts.

Biden wants to further hike the figure to 75% in future, the White House said.

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President Joe Biden wants federal agencies to immediately increase the share of US-made products in their procurement contracts.The White House announced in a fact sheet Wednesday that government agencies would need to ensure 60% of the products they buy with taxpayer dollars were made in the US.At the moment, federal agencies are required under the “Buy American” law to buy products where at least 55% of component parts are made in the country .But the Biden administration is seeking an “immediate increase” to 60%, and plans to further hike the threshold to 75%, the fact sheet said.The threshold would increase to 75% in stages by 2029, Reuters reported .The fact sheet adds detail to Biden’s executive order signed in January, which aimed to harness the US government’s enormous purchasing power to promote US-made products by tightening federal procurement rules.Under the new rule, federal agencies would also have to report the total US-made content for certain […]

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